2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

(a) Fact of recognition 1) Gyeonggi-Mono Agricultural Cooperative (hereinafter “Mono Agricultural Cooperative”)

A) On February 4, 1997, under a joint and several guarantee made by B, a loan to the Defendant who is not a partner within the limit of KRW 10,000,000,000, and the Defendant shall repay the full amount of the loan to the expiration date of the loan period and pay interest calculated at the rate of 13% per annum per month prior to that date. The overdue interest rate was determined at 19% per annum, and thereafter the Defendant loaned KRW 10,00,000 to the Defendant on the same day (hereinafter “instant loan”).

(2) The loan principal amount is KRW 9,607,085 as of January 1, 1998, and the agreed interest rate or overdue interest rate is KRW 9,235,830 as of May 30, 2013. Meanwhile, the overdue interest calculated at 17% per annum within the agreed overdue interest rate from May 31, 2013 to July 30, 2014 is the interest rate of KRW 1,906,150.

3) On the other hand, on June 28, 2013, Motern Agricultural Co., Ltd transferred the instant loan claim to the Plaintiff, and the Plaintiff, upon delegation from Motern Agricultural Cooperatives, notified the Defendant of the assignment of the instant loan claim on or before October 23, 2014. [In the absence of any dispute over the grounds for recognition, the Plaintiff notified the Defendant of the assignment of the said loan claim.] The purport of the entire pleadings and arguments are as follows.

B. According to the above facts of determination, the Defendant, as the principal debtor of the instant loan, is obligated to pay the Plaintiff as the transferee the principal debtor of the instant loan the principal amount of KRW 20,744,591 and delay damages for the principal amount of KRW 9,607,085.

2. Judgment on the defendant's defense

A. The Defendant’s assertion of this case’s loan is a commercial loan extended to the Defendant, who is not the Plaintiff’s member of the No. 13% per annum, for the purpose of earning interest at a high rate of 13% per annum, and thus, the instant loan loan is deemed a commercial loan. As such, five years